Norway · Delayed Price · Currency is NOK Subsea 7 Earnings Call Transcripts
Fiscal Year 2026
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Q1 saw strong revenue and margin growth, with adjusted EBITDA up 63% year-over-year and robust backlog supporting upgraded 2026 guidance. Strategic collaborations, high vessel utilization, and a solid order pipeline underpin confidence in continued performance.
Fiscal Year 2025
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Q4 and full-year results showed strong revenue and margin growth, with a record backlog and robust cash flow. 2026 guidance reaffirms stable margins and continued high asset utilization, supported by a strong tendering pipeline and disciplined capital allocation.
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Q3 2025 saw strong growth in profitability and record backlog, with high revenue visibility for 2026 and improved margins across core segments. Renewables margins are stable, and capital discipline remains a focus, while the merger process in Brazil is on track for H2 2026.
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Q2 2025 saw 23% year-on-year adjusted EBITDA growth and strong margin expansion, with over 90% of full-year revenue already visible from backlog. The merger with Saipem is progressing, and guidance for 2025 is reiterated, supported by robust project activity and high tendering levels.
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Q1 2025 saw strong revenue and EBITDA growth, with margins expanding due to project mix and one-offs. Backlog and revenue visibility remain high, guidance is unchanged, and both Subsea and Renewables segments delivered improved results. Robust tendering and a new BP alliance support a positive outlook.
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A merger of equals will create a global energy services leader with a complementary fleet, broad geographic reach, and €20 billion in revenue. The deal targets €300 million in annual synergies, a strong balance sheet, and enhanced client offerings, with completion expected in late 2026.
Fiscal Year 2024
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Q4 and full-year results showed strong growth in revenue, EBITDA, and margins, with a robust backlog and increased dividend guidance for 2025. Both Subsea and Renewables segments delivered improved profitability, and the outlook remains positive with high revenue visibility and active tendering.
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Q3 saw a 16% revenue increase and a 59% rise in Adjusted EBITDA, with margins reaching 18%. Backlog remains robust at $11.3 billion, and guidance for 2024 and 2025 was raised, supported by strong project execution and a healthy tender pipeline.
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Q2 saw record order intake, a robust backlog, and an 80% year-over-year increase in adjusted EBITDA. Raised 2024 guidance reflects strong project execution and a healthy tendering pipeline, with continued focus on high-margin work and shareholder returns.
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Long-term strategy centers on oil and gas with expansion into renewables, digitalization, and alliances, driving record backlog and improved margins. Financial guidance targets 18%-20% EBITDA margin in 2025, with at least $1B in shareholder returns by 2027. Strong project pipeline and partnerships underpin future growth.